Laurel Plaza
12080 Ventura Place, Studio City, CA 91604
The Siegel Group acquired two-story mixed use commercial property totaling approximately 13,000 square feet in the epicenter of Studio City, California that suffered from deferred maintenance, high vacancy rate and homeless squatting throughout the property. The Siegel Group initiated a large scale renovation and immediately established a corporate office at the location and began focusing on re-tenanting the property with quality tenants. Since acquiring in 2004 the property has maintained 100% occupancy and is now situated in one of the most desirable areas in Los Angeles that continues to attract high caliber local and national tenants.
Notable improvements and enhancements to the property included:
- Renovated facade that included new paint, exterior facade details, exterior lighting, stone veneer enhancements, roof improvements, new security camera system and new HVAC units, upgrades to common area restrooms, newly tiled walkways and installed new tenant and property signage.
- Reconfigured retail and office spaces to maximize leasing potential.
- Brought all management and leasing operations in-house resulting in streamlined operations.
- Converted pre-existing tenants with fractured lease agreements to triple net lease agreements that allowed for the recapture of pass-through expenses.
